Electronic Funds Transfer (EFT)
Electronic Funds Transfer (EFT) allows Medicare to transfer payment directly to the provider’s financial institution. The Electronic Funds Transfer (EFT) Authorization Agreement (CMS-588) form is required for:
- new provider enrollments;
- enrolled providers who are not already on EFT; and
- requesting a change to your existing EFT account information.
Note: The EFT updates need to be sent to your audit intermediary (AI) for processing. If CGS pays your claims, the AI is responsible for sending updates to CGS. See the Provider Enrollment Frequently Asked Questions #6 and #7 for additional information.
The CMS-588 EFT form includes step by step instructions. For additional assistance, follow these guidelines:
- Include a voided/cancelled check from the account you wish Medicare payments
to be transferred to. Deposit slips are not acceptable as the necessary routing
number is not always accurate. If not available, submit a confirmation of
the account on bank letterhead that includes the following:
- Name of the account;
- Electronic routing transit number;
- Account number and type; and
- Bank officer’s name and signature.
- The depository must be a banking institution; it cannot be a brokerage house or mutual fund.
- The legal business name of the provider or the chain home office name must match the name on the account.
- If the bank account is in the name of the chain home office, include a letter signed by the provider’s authorized official and by the authorized official of the chain home office authorizing payment due the provider to the chain home office’s bank account.
- Original signature and date. Signature must be by the same authorized official that signs the enrollment application.
- Provider name, address, and bank information listed on the CMS-588 EFT form must be correct and match the voided/cancelled check or bank confirmation letter.
- Provider must have sole control of the bank account. This is required for the EFT to be approved.
- Mail the CMS-588 EFT form to:
J15 – HHH Provider Enrollment
CGS Administrators, LLC
PO Box 20016
Nashville, TN 37202
As a reminder, the Centers for Medicare & Medicaid Services (CMS) Medicare Financial Management Manual, Pub. 100-06, Chapter 5 , Section 160 C. Claims Processing Timeliness (CPT) Requirement states; "Payment settlement, i.e., the date on which funds are posted to the provider's account, should not be earlier than 2 business days following transmission of the electronic payment data to the originating bank." Therefore, providers should be aware that EFT transactions may take up to 48 hours to reach their bank. When reviewing the “Check History” (Option FI) form the Fiscal Intermediary Standard System (FISS) Inquiry Menu, providers may see a payment date two days earlier than the actual date the payment reaches their financial institution. For more information about using the “Check History” Inquiry Option, review the instructions in “ Chapter Three: Inquiry Menu ” of the Fiscal Intermediary Standard System (FISS) Guide.
Additional Resources
Updated: 10.11.12
